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HOUSTON-With one Northwest Houston development now fully leased, local developer Vantage Cos. has broken ground on a second one, Bondesen North Business Park. The 17-acre project, with a price tag of $10 million, will have 215,000 sf of spec space in five buildings.
"The success of our project across the street was the impetus to start working on Bondesen North Business Park," Vantage president and CEO Steve Jaggard tells GlobeSt.com. "The northwest has been soft for the past couple of years, but well-located projects with frontage on Beltway 8 have been leasing well." The company has been sitting on the land for two years, awaiting the return of a healthy market.
First-quarter stats from CB Richard Ellis Inc. show 415,943 sf of industrial space was absorbed in the northwest submarket. Nearly 372,000 sf was under construction. Vacancy was 8.8% in the submarket's 88.6-million-sf inventory whereas the Houston region's average was 7.9%.
Bondesen North Business Park will take up the northeast corner of Beltway 8 and West Little York Road. It will consist of one 30,000-sf, office-flex building; two front park-rear load, dock-high structures, totaling 89,050 sf; one 36,000-sf cross-dock design; and a 60,000-sf warehouse. Rent quotes will range from $4.50 per sf for warehouse space to $9.50 per sf for office/flex space. The buildings are expected to be completed by the end of the year, Jaggard says.
Cincinnati-based Architects Plus Inc. designed the park KW Construction Inc. of San Marcos is the general contractor. Vantage obtained construction financing from Guaranty Bank.
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